Bank money market account rates moved lower to start to 2010 as did most all bank savings rates.  The average rate of the top ten best bank money market accounts rates closed the week of January 8, 2010 at 1.43%.

The highest bank money market account rate comes from Bank of Internet which offers a money market account with an interest rate of 1.60%.  The next best bank rate is available at three banks and lags ten basis points or 10/100 of a percent behind the category leader.  Nationwide Bank, NewDominion Bank and Discover Bank all offer money market accounts that yield 1.50%.

One basis point behind the trio of banks in second place is the money market account of Ally Bank.  Ally Bank promotes an online money market account that has an interest rate of 1.49%.  Giant Bank follows with a money market account that earns a rate of 1.46%. 
There is a significant fall off between the top six banks and the remaining banks on the list of the top bank money market accounts.  Following the 1.46% rate of Giant Bank, two banks offer accounts that earn 1.31%.  AIG Bank and iGO Banking have money markets at 1.31%.  The reaming two banks on the list, Stonebridge Bank and H & R Block Bank, promote money market accounts that have yields at 1.30%.

Low interest rates on money market accounts and various bank savings products have been held down by the lack economic growth, job growth and low inflation.  Now that the prospects of economic improvement in 2010 has many forecasts calling for higher interest rates, rate may reverse course and start to rise but this is far from a certainty as the Fed had made their position clear that their intent to keep interest rates low for a considerable period and refrain from premature rate hikes.
 
Treasury rates have gyrated wildly in the since the beginning of December and each time rates rise they manage to settle right back down within a short period of time.  Without Treasury rates making a sustained move higher it is less likely that bank rates will move ahead.

This is an excellent time for investors to shop for the best money market account rates or savings account rates or even short term CD rates to be prepared for future interest rate movements.

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